Lon.&Assoc.Props PLC GBP5.6M Joint Venture Retail Acquisition

 
TIDMLAS 
 
FOR IMMEDIATE RELEASE 
 
23 May 2018 
 
                      LONDON & ASSOCIATED PROPERTIES PLC: 
 
                    GBP5.6M JOINT VENTURE RETAIL ACQUISITION 
 
London & Associates Properties PLC ("LAP") today announces it has formed a 
joint venture that has exchanged contracts to acquire the freehold of five 
shops in West Ealing, London. 
 
LAP and Bisichi Mining Plc, its listed subsidiary, will each own 45% of the 
joint venture, with the remaining 10% owned by Metroprop Real Estate Ltd. 
 
The shops produce a current rent of cGBP140,000 per annum and have planning 
consent for 20 flats at first and second floor.  Four flats have already been 
built and are currently vacant. 
 
The consideration for the shops, before transaction and development costs, will 
be GBP5.6 million cash. 
 
John Heller, LAP's CEO, commented: "This is an exciting opportunity to acquire 
a substantial block of shops in a rapidly improving part of West London.  The 
portfolio is a five-minute walk from West Ealing Crossrail station and we 
expect values there to continue to rise over the medium term.  I look forward 
to updating shareholders as the development progresses". 
 
                                     Ends. 
 
Contact: 
John Heller, CEO, LAP. 
      Tel: [phone] 
Baron Phillips, Baron Phillips Associates.                               Tel: 
07767 444193 
 
 
 
END 
 

(END) Dow Jones Newswires

May 23, 2018 03:00 ET (07:00 GMT)